Official figures from the Office for National Statistics show a 0.2 per cent in UK manufacturing output in September, the first increase in four months. Compared with a year ago, factory output in September grew 2 per cent. However the figure excludes oil and gas, and mining, and when these sectors are taken into account, [...]
In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the [...]
Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of €12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt. The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending [...]
Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]
Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country’s two largest unions. The general [...]
A second rescue package for Greece has been agreed, which is understood to be in the region of €120 billion. The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF). The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown [...]
Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreou’s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of [...]
Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. [...]
Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. [...]
Chancellor George Osborne will deliver his Budget speech today at 1230 GMT, which will be aimed at boosting growth amid the fragile recovery. Mr Osborne is describing it as a “budget for growth” despite the tough austerity measures which threaten to push Britain back into recession, according to some economists. However, many believe the Chancellor [...]
Portugal has had its sovereign debt rating downgraded by Moody’s by two notches to A3 from A1 and kept the rating on a negative outlook – suggesting further downgrades are possible. According to the ratings agency, it might have to downgrade again as a result of high borrowing costs and the difficulty of meeting fiscal [...]
Respected think tank, the Institute for Fiscal Studies (IFS), has today revealed three quarters of a million people will become higher rate taxpayers from April. The earnings threshold will be lowered to £35,001 from £37,400 on 5 April – with the IFS estimating that the average household will be £200 worse off. The study from [...]
The national statistics institute INE today announced the unemployment rate in Spain is at the highest level since the second quarter of 1997. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. [...]
Think tank, the Institute of Public Policy Research (IPPR), has warned that “unemployment will reach new highs for this economic downturn.” Its gloomy assessment comes as the Office for National Statistics (ONS) today revealed UK unemployment rose in the three months to November. The ONS said unemployment grew by 49,000 in the three month period [...]
The Office for National Statistics (ONS) has today revealed UK unemployment rose in the three months to November. The ONS said unemployment grew by 49,000 in the three month period to 2.498 million. The latest figures means the unemployment rate is unchanged from last month at 7.9% – in line with forecasts. In the meantime, [...]
A report by the Recruitment and Employment Confederation (REC) and KPMG has revealed employment for both temporary and permanent workers rose during December. The survey of 400 recruitment consultancies showed permanent staff vacancies rising at their fastest level in four months, while demand for temporary staff saw its biggest rise in six months. However, the [...]
Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]
Spain’s finance minister has insisted that the country will not follow Greece and Ireland and seek a bailout. In a newspaper interview published today, Elena Salgado said: “Our fiscal adjustment is on track… we have done all the things that we had to do with our financial sector.” She added that Spain is “absolutely not” [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
Greek yields up on Wolfgang Schaeuble comments
Germany’s Finance Minister, Wolfgang Schaeuble, has said Greece is at “risk” of default if funds are not provided soon. In a letter dated 6 June to the European Central Bank and the International Monetary Fund (IMF), the Minister said a new package was required as the current one is “insufficient”. “A return by Greece to [...]